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February 11, 2013

Top 10 Mega-Wealthy Donors in 2012

The Chronicle of Philanthropy’s 2013 Philanthropy 50 committed $7.4 billion to charity last year

Charitable giving by ultrawealthy philanthropists has yet to recover from the 2008 economic shock, according to a study published last week by The Chronicle of Philanthropy.

The donors on The Chronicle’s 2013 Philanthropy 50 committed a total of $7.4 billion to charity in 2012. The median gift was $49.6 million, down from the 2007 high of $74.7 million.

The report said most of the money went to brand-name institutions, with 72% of donor pledges supporting higher education, arts and culture, hospitals and private foundations.

Wealthy donors’ support of institutions that have a record of securing big gifts have helped those groups weather the recession, according to the report. Columbia University, UCLA’s School of Public Health and the Central Park Conservancy were among such beneficiaries.

More U.S. billionaires are starting to give away their fortunes even before they reach middle age, according to thestudy.

Three of the five top philanthropists last year were couples under 40. “Drawn to the possibility of influencing social issues for decades to come, the young and super-rich are turning philanthropy into a newlywed activity instead of a deathbed one,” the report said.

It said some big donors were increasingly trying to support local issues and give to groups to which their names were not attached. Community foundations, for example, won eight gifts totaling more than $1 billion from top donors last year. That was more than in The Chronicle’s previous 10 lists put together.

Concerns about state budget crises also prompted some of 2012’s biggest gifts. With government-supported institutions losing state money, more donors seemed to be trying to fill the gaps.

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